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Sustainable jewelry company Brilliant Earth shares rally premarket after first earning as public company top estimates

Economy, Finance

Sustainable jewelry company Brilliant Earth Group Inc. shares jumped 7.6% in premarket trade Friday, after the company below past estimates in its first earnings report as a public company. The San Francisco-based Brilliant Earth posted net income of $4 million, or 1 cent a share for the third quarter, after net income of $8.0 million a year ago. Adjusted per-share earnings came to 9 cents, ahead of the 1 cent FactSet consensus. Sales rose 33% to $95.2 million from $71.4 million a year ago, also ahead of the $87.1 million FactSet consensus. The company went public in late September with the goal of making sustainable jewelry aimed at Gen Z and millennial customers. It is now expecting fiscal 2021 sales to total $366 million to $369 million, above the FactSet consensus for $357.2 million. Shares have gained 17% over their IPO issue price of $12.

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